BELLUS Health to buy Innodia for $1.3M

Canada-based biopharmaceutical company BELLUS Health Inc. (Nasdaq:BLUS) is up more than 6% today after announcing ahead of the opening it will buy Innodia Inc., a privately held company that develops treatments for diabetes, obesity and other metabolic diseases. The purchase price is $1.3 million, including the purchase of outstanding debt from Investissement Quebec.

“BELLUS Health's acquisition of Innodia is a timely opportunity because it allows the Company to gain access to Innodia's expertise and rights in diabetes and obesity at an attractive price and will help accelerate our own projects in diabetes and expand our pipeline through Innodia's identified candidate leads,” said Francesco Bellini, chairman, president and CEO of BELLUS Health, in a statement.

In today’s trading, BELLUS Health is at $1.02, up $0.06 from Tuesday’s close. Trading volume is below-average at about 28,000 shares.

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